NEW YORK(CBSNewYork) — The way that we shop could soon change forever.
There are separate debit, credit, and even gift cards, but the future of money could come in the form of a Coin, CBS 2’s Alice Gainer reported.
Coin is an electronic device that is about the size of a single credit card. Every card that most people currently carry can be stored on a Coin, including gift and rewards cards. Coins are even designed to work at the ATM.
Developer Kanishk Parashar said that his company is still fine tuning the Coin’s technology ahead of its release.
“We think the very best thing about this product is that it improves what you already use,” Parashar said.
There are already apps like Passbook and Google Wallet that let users condense what they carry to pay for goods and services, but Coin is the first product to come in the form of a credit card.
“You just hit a little button on the card and switch which source, which card you want to use and then you swipe it just like a credit card,” Mashable, Editor in Chief, Lance Ulanoff said.
Ulanoff said that while the device has potential it also comes with possible security concerns.
“It makes people uncomfortable that so much of their important bank cards, credit cards, debit cards, are all on one device,” he said.
One safeguard that developers have put in place is a feature that only allows Coin to work when it is in close proximity to your smartphone.
“If you walk away with your phone in your pocket and you’ve left your card behind you will get an alert on your phone so it knows that it’s out of range,” Ulanoff said.
When reached for comment major credit card companies said that they are waiting for more information about the technology before deciding to sign on.
Coin should be available next summer and will cost about $100.
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